3/12/2013

Government Banks in the Philippines

Updated March 19, 2018

There are 4 government banks in the Philippines.

Three are universal banks and one is a thrift bank.

Land Bank of the Philippines
LandBank Plaza Bldg.
1598 M. H. Del Pilar cor. Dr. J. Quintos St.
Malate, Manila 1004
- No. of Offices: 370
- Founded in 1963
- Became a universal bank in 1973
 
Development Bank of the Philippines
Headquarters:
Gil Puyat Avenue corner Makati Avenue
Makati City
- No. of Offices: 113
- Started as Agricultural and Industrial Bank in 1939
- Renamed Development Bank of the Philippines in 1958
- Became a universal bank in 1995

Al-Amanah Islamic Investment Bank of the Philippines
Headquarters:
PHIDCO A. Building
Veterans Avenue, Zamboanga City

Executive Office:
4th Floor Development Bank of the Philippines
Gil Puyat Avenue corner Makati Avenue
Makati City 1200
No. of Offices: 9
- Started in 1973 as Philippine Amanah Bank
- Renamed Al-Amanah Islamic Investment Bank of the Philippines in 1990
- Only bank authorized to operate under Islamic banking concepts
- Owned and controlled by the Development Bank of the Philippines

Overseas Filipino Bank, A Savings Bank of LandBank
          (formerly Philippine Postal Savings Bank)
Main Office:
  Postbank Center, Liwasang Bonifacio, 1000 Manila

- Phone: 527-0040 / 527-3377
- Trunkline: 527-0053
- Number of offices: 31
- wholly-owned thrift bank subsidiary of LandBank
- was created to cater to the banking needs of OFWs, other overseas Filipinos and their families
- was ceremonially launched by Pres. Duterte on January 18, 2018
- was created in September 2017 when Pres. Rodrigo Duterte issued Executive Order No. 44 approving the acquisition of the Philippine Postal Savings Bank by Landbank and conversion into Overseas Filipino Bank.

Does the government own UCPB?
Yes, the government owns 73.9%% of UCPB. After years of court battles regarding UCPB ownership, the Supreme Court ruled with finality in 2013 that the Philippine government owns 72.2% of UCPB. Currently, UCPB is a government owned and controlled corporation (GOOC) and a state depository bank. The government does not plan to run UCPB as a government bank, so it has been working with the Department of Finance on its privatization.

UCPB was originally First United Bank (FUB). It was renamed United Coconut Planters Bank (UCPB) in 1975 after 72.2% of it was purchased by a government agency, the Philippine Coconut Authority (PCA), using coconut levy funds. These funds were taxes collected from coconut farmers from 1972 to 1982.

What is Union Bank's relationship with the SSS?
SSS is one of the 3 biggest shareholders of Union Bank. SSS, a government owned and controlled corporation (GOCC), owns  13.99% of Union Bank.

Is Philippine National Bank (PNB) a Government Bank?
No. Hindi na.

The Philippine National Bank (PNB) was created as a government bank in 1916, but it started getting privatized in 1989 when its stocks were listed in the stock exchange.

In 1996, PNB became a private bank when the government's ownership was reduced to 46%.

In 1999, a group led by Lucio Tan acquired 35% of the bank and increased its ownership to 69.32% in 2000. It further increased its ownership to 77.43% in 2005.

In 2007, the government sold all its remaining shares in PNB to the public.
Share:

3 comments:

  1. hello i am maried in phillipines 09/09/2014 but im living in spain but i need to open acount in phillipines for saving for my family and buy one home and business plees i need open acount helpe me plees thanku

    ReplyDelete
  2. You have to go here in Philippines for you to open an account. Personal appearance is the first requirement.

    ReplyDelete
    Replies
    1. Opening a Philippine-based account abroad: Yes, you're right, it should be here in the Philippines. If abroad, it should be at the offices of Philippine bank branches and representative offices offering assistance in opening Philippine-based accounts abroad.

      Delete

Copyright © BanksPhilippines.com | Powered by Blogger | About Admin Design by ronangelo | Blogger Theme by NewBloggerThemes.com